This page has been designed to assist your understanding of Shortfall Gap Insurance and what it could do to help the sizable amount of money you spent when you bought your Bentley.
By avoiding the usual insurance jargon and by providing simple and easy to read explanations, we hope that by reading this page, you will develop an understanding of Shortfall Insurance and how important it is to you not just your Bentley, but to your finances.
We aware aware that the majority of our customers visit our Website after first hearing about Shortfall Insurance at the local Bentley dealership, when they were most likely quoted the average dealership price of £399.
However, here at Shortfall.co.uk, you can find Shortfall policies for as low as £39.99.
All our policies are genuine, tried and tested and are protected by the financial services authority.
You may be thinking why is there such a significant price difference between dealerships and online providers, reasons why can be viewed here.
To help you understand how Shortfall Insurance can protect your Bentley, we have drawn up three examples for our three most popular policy types, Return to Invoice, Vehicle Replacement and Finance and Contract Hire.
Again, these examples are simply and easy to understand.
For illustration purposes only, we use Francesca and her Bentley Continental.
However, before you read the examples, we would like to ask you to consider the following important FACTS about the importance of Shortfall Insurance:
In the UK, 600,000 vehicles are written off each year
The average vehicle can depreciate by up to 50% in the first three years, including your Bentley
Your comprehensive insurer will never pay you the original invoice price you paid for your Bentley
Your Shortfall Insurance provider will not reimburse you your Bentley's road tax as this can be claimed back from the DVLA.
How Can Vehicle Replacement Shortfall Insurance protect Not Just Your Bentley, But Most Importantly, Your Finances.
Vehicle Replacement Shortfall Insurance is designed to protect you against any increase in your Bentley's invoice price.
Vehicle Replacement Gap Insurance will bridge the gap between your Bentley's market value at the time it was written off or stolen and the now increased invoice price of your Bentley model.
As you may already be aware, if in the unfortunate case your Bentley is written off, your comprehensive insurer will only pay you the market value of your Bentley at the time it was written off or stolen.
If you take into account depreciation levels, this can be significantly less than what you originally paid.
On top of all this, you may be informed that in addition to loosing your Bentley, the cost to purchase another one, the same age, mileage and condition as your's was when you first drove it out of the showroom has increased.
This can be because of a number of reasons, for example if Bentley introduce an upgraded version of your model or if the UK government decide to increase VAT.
We are told by our customers that they best understand Vehicle Replacement Shortfall Insurance when it is placed in a real life context.
Below please see the example of Francesca and her Bentley.
Francesca pays £100,000 for her Bentley
Three years down the line, she awakes to see that it has been stolen
Francesca receives a settlement figure of £50,000, given that this was the market value of her Bentley at the time it was written off (please note this significant depreciation)
Francesca is informed that the cost to purchase another Bentley of the same age, mileage and condition as her's originally was has now increased to £110,000
This means that Francesca now has an outstanding balance of £60,000 (minus her comprehensive insures payment)
Above is an illustration of exactly how much your Bentley model could be depreciating in value over the course of ownership. The illustration also displays an estimated replacement cost of £130,042 which is a 5% increase on the invoice price of the model. Why not protect your Bentley and its value, with a Vehicle Replacement Gap Insurance policy for your Bentley model.
What Can Return To Invoice Shortfall Insurance Do For Your Bentley?
Return to Invoice Shortfall Insurance is designed to top you back up to the invoice price you originally paid for your Bentley, after you have been paid the market value of your Bentley at the time it was written off or stolen by your comprehensive insurer.
If in the unfortunate case your Bentley is written off or stolen, your comprehensive insurer will only pay you what your Bentley was worth at the time it was written off or stolen.
If you take into account that industry experts claim that the average vehicle will depreciate (so will loose) 50% of its value within the first three years, this settlement payment can be considerably less than what you originally paid for your Bentley.
Return to Invoice Shortfall Insurance will pay you this difference and depending on how you originally purchased your Bentley, allow you to pay off any outstanding balance you may have on a finance agreement or to purchase another Bentley only if you so wish.
Please see the following example we have designed to aid your understanding of Return to Invoice Shortfall Insurance for your Bentley:
Francesca pays £100,000 for her dream car, the Bentley Continental
Three years down the line, she awakes to see that it has been stolen
Francesca is later informed by the police that the Bentley has been found burnt out in the local field
Francesca receives a settlement figure of £50,000 from her comprehensive insurer, given that this was the market value of her Bentley at the time it was written off
Please note the significant deprecation Francesca’s Bentley has undergone within the first three years
Francesca is now £50,000 down, in other words, she is financially unable to pay off any remaining payments in her financial agreement or to purchase another Bentley and this strictly through no fault of her own
Of course Francesca can use her own personal savings or even take out a bank loan to pay off any outstanding balance or to purchase another Bentley, however, why should she be expected to do this?
Return to Invoice Shortfall Insurance will pay Francesca this outstanding £50,000 which will return her to the original invoice price she paid three years ago.
Francesca can now use this settlement payment to pay off any outstanding debt on her financial agreement, to purchase another Bentley, or do however she see's fit.
What level of cover can Finance and Contract Hire Gap Insurance provide to your Bentley?
Finance and Contract Hire Shortfall Gap Insurance is designed to bridge the gap between the market value of your Bentley at the time it was written off and the outstanding amount of your finance agreement that you are still eligible to pay.
An example of a Finance or Contract Hire finance agreement can be: Contract Hire, Hire Purchase or Lease Purchase.
If in the unfortunate case your Bentley is written off or stolen, you may still be eligible for the remaining payments in your finance agreement.
And if in the unfortunate case your Bentley is written off or stolen, as you may already be aware, you will only be paid by your comprehensive insurer the market value of your Bentley at the time it was written off or stolen.
This will not be enough to pay off the remaining balance of your finance agreement.
We have dealt with customers who have been asked to pay back up to 90% of the outstanding balance.
Finance and Contract Hire Shortfall Insurance will pay your finance agreement company any remaining balance a and allow you to walk away freely without any financial liabilities.
Please take into account however that if you have been charged any financial penalties for example as a result of late payments, this policy will not pay this.
To assist you with your understanding of Shortfall Insurance, we have drawn together a possible real life situation:
Francesca takes out a finance agreement to pay for her Bentley
It involves a four year contract that involves her paying £1000 a month
Two years down the line, the Bentley is written off
Francesca has already paid two years worth of her contract (24 months x £1000 = £24,000)
However, even after the comprehensive insurer pays her a settlement payment, Francesca is still liable for the remaining £10,000 worth of payments
It is important to note that without any form of cover, Francesca is legally bound to pay this remaining £10,000 now being left with no Bentley to drive and having to fund a car she no-longer has.
Finance and Contract Hire Shortfall Insurance will pay off this £10,000 and allow Francesa to walk away a free lady without any financial liabilities.
Here at Shortfall, we have tried our best to ensure that when you purchase a policy from us for your Bentley, that you are dealing with some of the best, if not the best gap insurance policies available to buy in the United Kingdom today.
Why not compare our policy features for your Bentley, we are sure you will not be dissappointed.
You are able to transfer your policy to another eligible vehicle at anytime, completely free of charge.
We will not charge you to change names, addresses or registration numbers.
All Factory Fitted options for your Bentley are covered.
Shortfall policies will pay £750 towards your own motor insurance excess.
All of our policies are backed by the financial services compensation scheme.
Our claims team are based in the United Kingdom.
Our customer service team are completely UK based.
We do not have a market value clause on settlement.
You have a 30 day cooling off period with your policy in which you can cancel and proving that you have not attempted to make a claim, you will be provided with a full refund.
You are able to cancel your policy at any point, you will then receive a pro rata refund, minus a nominal administration fee that is charged by the underwriters.
We hope that you have by now realised that our policies are definitely amongst the most comprehensive Gap Insurance policies available in the UK today.
Industry experts claim that the average vehicle can depreciate by up to 50% in the first three years. In other words, your Bentley may lose as much as half of the invoice price you originally paid, through no fault of your own.
We at Shortfall.co.uk understand that drivers, including you do not want to hear this.
However this is the real world and drivers like yourself need to come to terms that your Bentley will depreciate. Although there is nothing you can put into place to prevent your Bentley from depreciating, you can choose to protect your Bentley with Gap Insurance which can provide solid protection to your Bentley against depreciation and most importantly prevent your finances from being hard hit, if in the unfortunate case your vehicle is written off or stolen.
On this page you will find that we have designed a Bentley depreciation guide. By taking a number of Bentley models and figures from 'What Car', who take into account past and current Bentley depreciation rates and average Bentley usage and millage, we aim to demonstrate to you the importance of protecting your Bentley with Shortfall Gap Insurance.
Example 1 –
Bentley Continental GT Coupe 6.0 W12 2dr
Invoice you paid - £136,710
Year 1 – £94,822
Year 2 – £78,718
Year 3 – £65,388 – You will see that within the first three years, your Bentley Continental has lost £71,322 in value
Year 4 – £56,666 – You will see that within the first four years, your Bentley Continental has lost £80,044 in value
Example 2 –
Bentley Mulsanne Saloon 6.75 V8 4dr
Invoice price you paid - £224,700
Year 1 – £160,818
Year 2 – £133,494
Year 3 – £110,934 – You will see that within the first three years, your Bentley Mulsanne will lose £113,766
Year 4 – £96,104 – You will see that within the first four years, your Bentley Mulsanne will lose £128,569
Example 3 –
Bentley Continental GT Coupe 4.0 V8 2dr
Invoice price you paid - £123,850
Year 1 – £92,615
Year 2 – £76,886
Year 3 – £63,882 – You will see that within the first three years, your Bentley Continental will lose £59,968 in value
Year 4 – £55,361 – You will see that within the first four years, your Bentley Continental will lose £68,489 in value
Example 4 –
Bentley Continental GT Convertible 4.0 V8 2dr
Invoice price you paid - £136,250
Year 1 – £106,193
Year 2 – £88,181
Year 3 – £73,248 – You will see that within the first three years, your Bentley Continental has lost £63,002 in value
Year 4 – £63,465 – You will see that within the first four years, your Bentley Continental has lost £72,785 in value
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The history of the company begins with two brothers, W.O. and H.M. Bentley.
The brothers bought French automaker Lecoq and Fernine and renamed it Bentley Motors in 1919. The company first began manufacturing racing cars which allowed the company to develop a well-respected, successful image in the motor racing industry.
However its domestic car production was limited in success and struggled to gain momentum in the 1920's, partly as a result of the consequence of the infamous great American depression which brought an end to the important American upper class market.
By the end of the 1920’s, the company was close to bankruptcy and was saved by a Rolls-Royce take over in 1931. Rolls-Royce would lead Bentley up until 2002. This six decade period is seen by many as a dark time as the company again enjoyed limited success and experienced several serious financial difficulties.
W.O. Bentley would remain actively involved in the company up until his death in 1971 at the age of 83. In 1998, Volkswagen bought Rolls-Royce and also the rights For Bentley. In 2002, BMW would acquire Rolls-Royce and for the first time in 67 years, the two companies were separated. Industry experts would argue Bentley would be divorced from its enemy.
Volkswagen would greatly invest and modernise the company and many would argue would be responsible for its reincarnation. China and the Middle East are the companies two largest markets.
Bentley is the official state car of the British Royal Family. Queen Elizabeth's is drove around in a V8 model, which is only one of the two models built. The car has a twin-turbocharged, 6.75 litre, V8 engine and has a top speed of 130 mph.
The company's headquarters ate located in Crewe, England and according to 2011 figures, the company has an estimated 45,000 employees.
The current model portfolio consists of the following: Mulsanne, Flying Spur, Continental GT, Continental GTC, EXP 9 F Concept and a range of heritage models including the Azure and the Corniche.